President-elect Donald Trump hailed Sunday as "the 7th Anniversary of the Trump Tax Cuts becoming Law," vowing to "deliver the largest tax cuts in the history of our country" by this date next year.
"Today is the 7th Anniversary of the Trump Tax Cuts becoming Law," Trump wrote in a Sunday morning Truth Social post before he was slated to speak at a salute to Arizona gathering for Turning Point Action, which will air live and in its entirety on Newsmax, starting at 12:30 p.m. ET. "'Happy Birthday!'
"Next year, we will deliver the largest Tax Cuts in the History of our Country," he added. "MAKE AMERICA GREAT AGAIN!"
Many of the provisions of the Tax Cut and Jobs Act signed by Trump in 2017 are scheduled to expire at the end of 2025. This means that more than $4 trillion in tax increases will take effect Jan. 1, 2026, charging next year's Congress and administration with the hefty task of grappling with the tax hikes.
Meanwhile, many of the provisions impacting businesses, including pass-through entities, are set to expire between 2025 and 2028.
The expiration of the cuts has the markets sinking as Congress is speaking out against extending the Trump tax cuts next year, according to Americans for Tax Reform's Grover Norquist on Newsmax.
"I think one of the dangers that people are looking at is that the tax cut may be delayed; it may get stopped," Norquist told Sunday's "Wake Up America Weekend." "We're one bad car accident away from having Democrat control of the House of Representatives, which means a $4 trillion tax increase. That's a lot of uncertainty."
Information from Reuters was used to compile this report.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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